Tech stocks hit the hardest
European indices are down to fresh lows in the opening 40 minutes, with the Stoxx 600 index now down by 0.9%. This comes as higher yields is starting to weigh more broadly on sentiment, with US futures also being dragged lower.
Nasdaq futures are down 1.2% while S&P 500 futures are now down 0.6%, as we see a heavier rotation away from tech. Dow futures are also down 0.3% currently.
That said, oil and gas stocks are the outperformers today as they are helped by a surge in energy prices. That is arguably one of the few exceptions to trading today, with the energy index up 0.8% in the Stoxx 600 to its highest since February.
Going back to broader market sentiment, this is pinning the antipodeans lower with AUD/USD down 0.2% to 0.7270 and NZD/USD down 0.5% to 0.6980, with the latter nearing fresh lows seen in nearly a month.
